It has been announced Monday morning that JP Morgan will acquire First Republic. According to an FDIC statement, JP Morgan will recover all of the bank’s deposits, as well as “almost” all of its assets. The FDIC will pay roughly $13 billion to cover First Republic’s losses, however the bank’s 84 branches will reopen Monday as usual.

On Saturday, several media outlets reported that the main federal regulator of US banks, the Federal Deposit Insurance Corporation (FDIC) set a deadline of Sunday to submit bids to purchase First Republic Bank, as the troubled lender struggles with liquidity issues in the face of massive deposit outflows.

The FDIC already approached a number of institutions earlier this week, including JPMorgan Chase, the nation’s largest bank, asking them to submit bids for First Republic, seeking to secure a buyer for the bank before it is placed into receivership. As the receiver, the FDIC will handle the bank’s affairs until its assets can be sold off.

Fox News reported that according to its sources, there are presently five bidders for the bank, and the winner will be announced by the FDIC on Monday morning.

Reuters reported that the bank will be taken into receivership any moment, due to the 75% fall in the share price last week after a grim first quarter report featuring poor earnings and massive deposit outflows. On Friday, shares fell to a record low of $2.99, with the bank’s shares having fallen 98% year over year.

If the FDIC seizes First Republic, it will be the third US bank to collapse following the failures of Silicon Valley Bank and Signature Bank in March. Both banks were shuttered within days following massive deposit runs by customers.

Experts say that by attempting to secure a buyer prior to taking the bank into receivership, the FDIC hopes it will assuage fears of any further contagion throughout the financial sector, and lessen the stress on the FDIC deposit fund.

JPMorgan and the FDIC have declined all offers to comment on the affair.